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House Journal: Page 1863: Tuesday, April 21, 1998

40   of the duties and the powers granted to the
41   corporation.
42     8 5.  To sue and be sued, plead, and adopt a seal.
43     9 6.  With the approval of the treasurer of state,
44   to invest funds which are not needed for immediate use
45   or disbursement, including funds held in reserve, in
46   obligations issued or guaranteed by the state or the
47   United States.
48     10 7.  To procure insurance against a loss in
49   connection with its property and other assets.
50     11 8.  To the extent permitted under a corporation

Page 23

 1   contract with other persons, to consent to a
 2   termination, modification, forgiveness, or other
 3   change in the terms of a contractual right, payment,
 4   royalty, contract, or agreement.
 5     12 9.  To take necessary action to render bonds
 6   issued under this division more marketable.
 7     Sec. 27.  Section 422.16A, Code Supplement 1997, is
 8   amended to read as follows:
 9     422.16A  JOB TRAINING WITHHOLDING - CERTIFICATION
10   AND TRANSFER.
11     Upon the completion by a business of its repayment
12   obligation for a training project funded under chapter
13   260E, including a job training project funded under
14   chapter 260E and section 15A.8 or repaid in whole or
15   in part by the supplemental new jobs credit from
16   withholding under section 15A.7 or section 15.331, the
17   sponsoring community college shall report to the
18   department of economic development the amount of
19   withholding paid by the business to the community
20   college during the final twelve months of withholding
21   payments.  The department of economic development
22   shall notify the department of revenue and finance of
23   that amount.  The department shall credit to the
24   workforce development fund account established in
25   section 15.342A twenty-five percent of that amount
26   each quarter for a period of ten years.  If the amount
27   of withholding from the business or employer is
28   insufficient, the department shall prorate the
29   quarterly amount credited to the workforce development
30   fund account.  The maximum amount from all employers
31   which shall be transferred to the workforce
32   development fund account in any year is ten million
33   dollars.
34     Sec. 28.  LIQUIDATION OF THE IOWA SEED CAPITAL
35   CORPORATION.  Notwithstanding sections 15E.81 through
36   15E.94, sections 15E.181 through 15E.184, and 1997
37   Iowa Acts, chapter 143, sections 5 and 6, it is the
38   intent of the general assembly that the Iowa seed
39   capital corporation shall be liquidated or sold in an

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